Presco Plc, Nigeria’s leading oil palm producer, has announced a major expansion of its operational footprint with the acquisition of 10,000 hectares of plantations in Cross River State. The newly acquired estates, located in Nsadop and Boki, mark a significant step in the company’s aggressive growth strategy aimed at cementing its leadership in the agribusiness sector.
The acquisition is designed to bolster Presco’s production capacity to meet the surging domestic demand for edible oils. By securing this substantial landholding, the company aims to unlock new agronomic potential and ensure a steady supply of raw materials for its processing mills and refineries. Reji George, the Managing Director and CEO of Presco Plc, described the move as a “decisive execution” of pledges made to shareholders. He noted that the Nsadop and Boki estates are strategically positioned to complement existing operations, providing the scale necessary to power the company’s industrial infrastructure at higher throughput levels.
This development follows a period of intense activity for the Edo-based giant. Presco recently concluded a combined deal worth $171.6 million to acquire the Ghana Oil Development Company (GOPDC) and Saro Oil Palm Limited (SOP). To fund these ambitious ventures, the company launched a N237 billion rights issue, targeting existing shareholders to raise the necessary capital.
Financially, the company appears well-positioned to digest these new assets. Presco reported record-breaking earnings for the nine months ended September 2025, with net profit soaring to N139.7 billion. Analysts view the Cross River expansion as a critical lever for sustaining this profitability and maintaining an upward growth trajectory in a competitive market.
Beyond the numbers, Presco has committed to applying its established models of sustainable agriculture and responsible land stewardship to the new territories. The company plans to replicate its social investment framework in Cross River, promising to work closely with host communities to create jobs and foster a mutually beneficial operating environment. The management asserts that this expansion is not merely about accumulating land but about strengthening long-term supply chains and supporting the Federal Government’s drive toward industrial self-sufficiency and national food security.
Recently, Presco faced uncertainty in Edo State after a viral notice claimed its 13,545-hectare estate was revoked. The state government swiftly debunked this, attributing the unauthorized publication to the now-sacked EDOGIS boss. Officials clarified that only 20 hectares containing oil wells were under consideration for excision, reaffirming their strong support for the investor.
